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Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations (SOR/2001-171)

Regulations are current to 2022-09-22 and last amended on 2019-03-04. Previous Versions

PART 5Investment Plans (continued)

Reporting Elections

Marginal note:Reporting entity election

  •  (1) An investment plan that is a selected listed financial institution and the manager of the investment plan may jointly elect to have the manager file the returns of the investment plan under Division V of Part IX of the Act.

  • Marginal note:Effect of election

    (2) Despite section 238 of the Act, if an election made by a manager and an investment plan under subsection (1) is in effect on the particular day on or before which an interim or final return under Division V of Part IX of the Act for a reporting period of the investment plan is required to be filed, the return must be filed with the Minister by the manager and the investment plan is not required to file the return.

  • Marginal note:Form and filing of election

    (3) An election made under subsection (1) by a manager and an investment plan is to

    • (a) be made in prescribed form containing prescribed information;

    • (b) set out the day on which the election is to come into effect; and

    • (c) be filed with the Minister in prescribed manner before that day or any later day that the Minister may allow.

  • Marginal note:Cessation

    (4) An election made under subsection (1) by a particular person that is a manager and another person that is an investment plan ceases to have effect on the earliest of

    • (a) the day on which the particular person ceases to be the manager of the other person,

    • (b) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the reporting period of the other person in which the other person ceases to be an investment plan,

    • (c) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the last reporting period of the other person throughout which the other person is a selected listed financial institution, and

    • (d) the day on which a revocation of the election becomes effective.

  • Marginal note:Investment plan ceasing to exist

    (5) If an election made under subsection (1) by an investment plan and the manager of the investment plan is in effect immediately before the time at which the investment plan ceases to exist, the following returns must be filed with the Minister by the manager:

    • (a) the interim return under Division V of Part IX of the Act for the last reporting period of the investment plan; and

    • (b) the final returns under Division V of Part IX of the Act for the reporting periods of the investment plan that are included in the last fiscal year of the investment plan.

  • Marginal note:Revocation

    (6) An investment plan that has made an election under subsection (1) may revoke the election, effective on a particular day, by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the particular day or any later day that the Minister may allow.

  • Marginal note:Revocation — restriction

    (7) A revocation made by an investment plan under subsection (6) of a joint election is effective only if the investment plan notifies, before the day on which the revocation is to come into effect, the manager that made the joint election.

  • Marginal note:Joint and several liability

    (8) If an election made under subsection (1) by a manager and an investment plan is in effect on the particular day on or before which a return under Division V of Part IX of the Act for a reporting period of the investment plan is required to be filed or if a manager of an investment plan files a return under Division V of Part IX of the Act for a reporting period of the investment plan on a day on which an election made under subsection (1) by the manager and the investment plan is in effect, the manager and the investment plan are jointly and severally, or solidarily, liable for

    • (a) the net tax for the reporting period; and

    • (b) any interest or penalties in respect of the net tax for the reporting period or in respect of the return.

  • SOR/2013-71, s. 2

Marginal note:Consolidated filing election

  •  (1) A manager and any two or more investment plans with which the manager has jointly made an election under subsection 53(1) may jointly elect to file the returns of those investment plans on a consolidated basis.

  • Marginal note:Addition of investment plan

    (2) If a particular investment plan has made a joint election under subsection 53(1) with the manager of the particular investment plan and the manager has made a particular joint election under subsection (1) with two or more other investment plans, the particular investment plan and the manager may jointly elect to include the particular investment plan in the particular joint election.

  • Marginal note:Withdrawal from election

    (3) If a joint election under subsection (1) is in effect between a manager and two or more investment plans, one of those investment plans may elect to withdraw from the joint election.

  • Marginal note:Deemed withdrawal from election

    (4) If a joint election under subsection (1) is in effect between a manager, a particular investment plan and one or more other investment plans, the particular investment plan is deemed to have withdrawn from the joint election effective on the earliest of

    • (a) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the reporting period of the particular investment plan immediately before the first reporting period in a fiscal year of the particular investment plan that does not coincide with the reporting periods of the other investment plans, if those reporting periods do not coincide for a reason other than the application of subsection 244.1(2) of the Act in respect of the fiscal year,

    • (b) the day on which the manager ceases to be the manager of the particular investment plan,

    • (c) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the reporting period of the particular investment plan in which the particular investment plan ceases to be an investment plan, and

    • (d) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the last reporting period of the particular investment plan throughout which the particular investment plan is a selected listed financial institution.

  • Marginal note:Restriction

    (5) A joint election under subsection (1) by two or more investment plans and a manager that is to come into effect on a particular day in a fiscal year of one of those investment plans may only be made if the end of the respective reporting periods of those investment plans in the fiscal year of each of those investment plans are reasonably expected to coincide with each other.

  • Marginal note:Restriction

    (6) An election under subsection (2) by a particular investment plan and a manager to include the particular investment plan in a joint election made by the manager and two or more other investment plans that is to come into effect on a particular day in a fiscal year of the particular investment plan may only be made if the end of the respective reporting periods of the particular investment plan and of the other investment plans in the fiscal year of each of those investment plans are reasonably expected to coincide with each other.

  • Marginal note:Restriction

    (7) A particular election under subsection (3) by a particular investment plan to withdraw from a joint election made by a manager, the particular investment plan and one or more other investment plans may only come into effect on or after the particular day on which the manager and the other investment plans are notified of the particular election by the particular investment plan.

  • Marginal note:Effect of election

    (8) Despite section 238 of the Act, if an election made by two or more investment plans and a manager under subsection (1) is in effect on the particular day on or before which the interim or final returns under Division V of Part IX of the Act for a reporting period of those investment plans would be required to be filed in the absence of this subsection, the manager must file in prescribed manner with the Minister on or before that day a single joint interim or final return, as the case may be, for the reporting period in prescribed form containing prescribed information on behalf of those investment plans and those investment plans are each not required to file their respective return under that Division for the reporting period.

  • Marginal note:Effect of election

    (9) For the purposes of this section and section 56, if an election was made by a particular investment plan and a manager under subsection (2) to join, as of a particular day, a particular election made by the manager and two or more other investment plans under subsection (1), the following rules apply:

    • (a) the particular election ceases to have effect on the particular day; and

    • (b) an election is deemed to have been made under subsection (1) by the manager, the particular investment plan and the other investment plans and that election is deemed to have come into effect on the particular day.

  • Marginal note:Effect of withdrawal

    (10) For the purposes of this section and section 56, if a particular investment plan withdraws from, as of a particular day and under subsection (3) or (4), a particular joint election made under subsection (1) by the particular investment plan, a manager and one or more other investment plans, the following rules apply:

    • (a) the particular joint election ceases to have effect on the particular day; and

    • (b) if the particular joint election was made by the particular investment plan, the manager and two or more other investment plans, an election is deemed to have been made under subsection (1) by the manager and those other investment plans and that election is deemed to have come into effect on the particular day.

  • Marginal note:Investment plan ceasing to exist

    (11) If a joint election made under subsection (1) by a manager, a particular investment plan and one or more other investment plans is in effect immediately before the particular time at which the particular investment plan ceases to exist, the following rules apply:

    • (a) if the joint election was made by the particular investment plan, the manager and one other investment plan, the joint election ceases to have effect on the day that includes the particular time; and

    • (b) in any other case,

      • (i) if a joint election made under subsection (1) by the manager and two or more of the other investment plans is in effect on the day on or before which a single joint interim return is required to be filed under subsection (8) for the particular reporting period of those other investment plans that begins on the same day as the last reporting period of the particular investment plan, the joint interim return must include prescribed information concerning the last reporting period of the particular investment plan, and

      • (ii) if a joint election made under subsection (1) by the manager and two or more of the other investment plans is in effect on the day on or before which a single joint final return is required to be filed under subsection (8) for a particular reporting period of those other investment plans that is included in the fiscal year of those other investment plans that begins on the same day as the last fiscal year of the particular investment plan, the joint final return must include prescribed information concerning the reporting period of the particular investment plan that begins on the same day as the particular reporting period.

  • Marginal note:Form and filing of elections

    (12) An election made under any of subsections (1) to (3) is to

    • (a) be made in prescribed form containing prescribed information;

    • (b) set out the day on which the election is to come into effect; and

    • (c) be filed with the Minister in prescribed manner before that day or any later day that the Minister may allow.

  • Marginal note:Cessation

    (13) An election made under subsection (1) made by a person ceases to have effect on the earliest of

    • (a) the day the election ceases to have effect under paragraph (9)(a), (10)(a) or (11)(a), and

    • (b) the day on which a revocation of the election becomes effective.

  • Marginal note:Revocation

    (14) The investment plans that have jointly made an election under subsection (1) may jointly revoke the election, effective on a particular day, by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the particular day or any later day that the Minister may allow.

  • Marginal note:Revocation — restriction

    (15) A revocation made by two or more investment plans under subsection (14) of a joint election is effective only if one of those investment plans notifies, before the day on which the revocation is to come into effect, the manager that made the joint election.

  • Marginal note:Joint and several liability

    (16) If an election made under subsection (1) by a manager and two or more investment plans is in effect on the day on or before which the returns under Division V of Part IX of the Act for the reporting periods of those investment plans would be required to be filed in the absence of subsection (8) or if a manager of two or more investment plans files a joint return referred to in subsection (8) for the reporting periods of those investment plans on a day on which an election made under subsection (1) by the manager and those investment plans is in effect, the manager and those investment plans are jointly and severally, or solidarily, liable for

    • (a) the net tax and interim net tax for those reporting periods; and

    • (b) any interest or penalties in respect of the net tax or interim net tax for those reporting periods or in respect of the joint returns referred to in subsection (8).

  • SOR/2013-71, s. 2

Marginal note:Tax adjustment transfer election

  •  (1) An investment plan that is a selected listed financial institution and the manager of the investment plan may jointly elect to transfer, in accordance with subsection (2), the investment plan’s adjustments to net tax under subsection 225.2(2) of the Act to the manager.

  • Marginal note:Effect of election

    (2) If a manager has made joint elections with one or more investment plans (each of which is referred to in this subsection as a “qualifying investment plan”) under subsection (1) that are in effect at any time in a particular reporting period of the manager (in this subsection referred to as the “manager’s reporting period”), the following rules apply:

    • (a) for each qualifying investment plan, any amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act is prescribed for the qualifying investment plan for the purposes of paragraph (a) of the description of A, and any amount of tax under any of subsection 165(2) and sections 212.1 and 218.1 and Division IV.1 of Part IX of the Act is prescribed for the qualifying investment plan for the purposes of paragraph (a) of the description of F in subsection 225.2(2) of the Act, if the amount of tax

      • (i) is in respect of a supply made by the manager to the qualifying investment plan, and

      • (ii) became payable by the qualifying investment plan or was paid by the qualifying investment plan without having become payable at a particular time that is

        • (A) during the manager’s reporting period,

        • (B) at a time when an election under subsection (1) is in effect between the qualifying investment plan and the manager, and

        • (C) at a time when no election under subsection 53(1) is in effect between the manager and the qualifying investment plan;

    • (b) for each qualifying investment plan,

      • (i) if an election under subsection (1) and an election under subsection 53(1) are both in effect between the qualifying investment plan and the manager throughout the reporting period (referred to in this subsection as the “real reporting period”) of the qualifying investment plan in which the manager’s reporting period ends, subsection 225.2(2) of the Act does not apply for the purpose of determining the net tax of the qualifying investment plan for the real reporting period, and

      • (ii) if subparagraph (i) does not apply and an election under subsection 53(1) is in effect at any time in the real reporting period, the positive or negative amount determined by the following formula is a prescribed amount for the purpose of the description of G in subsection 225.2(2) of the Act for the real reporting period

        –1 × A

        where

        A
        is
        • (A) if the manager is a selected listed financial institution throughout the manager’s reporting period, the amount determined under paragraph (c) and subsection (3) in respect of the manager’s reporting period, and

        • (B) in any other case, the amount determined under subsection 225.2(2) of the Act, as adapted by paragraph (d), in respect of the manager’s reporting period;

    • (c) if the manager is a selected listed financial institution throughout the manager’s reporting period, the total of all particular amounts is a prescribed amount for the manager’s reporting period for the purpose of the description of G in subsection 225.2(2) of the Act, each of those particular amounts being the positive amount that a qualifying investment plan would be required to add, or the negative amount (in subsection (3) referred to as the “negative adjustment amount”) that the qualifying investment plan would be able to deduct, in determining its net tax under subsection 225.2(2) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a particular reporting period of the qualifying investment plan if

      • (i) the beginning of the particular reporting period coincided with the later of the beginning of the manager’s reporting period and the day, if any, in the manager’s reporting period on which an election under subsection (1) between the manager and the qualifying investment plan becomes effective,

      • (ii) the end of the particular reporting period coincided with the earlier of the end of the manager’s reporting period and the day, if any, in the manager’s reporting period on which an election under subsection (1) between the manager and the qualifying investment plan ceases to have effect,

      • (iii) paragraphs (a) and (b) did not apply in respect of the particular reporting period, and

      • (iv) if, at any time in the particular reporting period, no election under subsection 53(1) is in effect between the manager and the qualifying investment plan, an amount of tax that became payable by the qualifying investment plan, or that was paid by the qualifying investment plan without having become payable, at that time is included in determining that positive or negative amount only if the amount of tax is in respect of a supply made by the manager to the qualifying investment plan; and

    • (d) if the manager is not a selected listed financial institution throughout the manager’s reporting period, subsection 225.2(2) of the Act is adapted in respect of the manager’s reporting period as follows:

      • (2) In determining the net tax for a reporting period of a manager (in this subsection referred to as the “manager’s reporting period”) that has made joint elections with one or more investment plans (each of which is referred to in this subsection as a “qualifying investment plan”) under subsection 55(1) of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations that are in effect at any time in the manager’s reporting period, the manager shall add all positive amounts, and may, if the manager has paid or credited the negative amount to the qualifying investment plan, deduct any such negative amounts, each of which is the positive amount that a qualifying investment plan would be required to add, or the negative amount that the qualifying investment plan would be able to deduct, in determining its net tax under this subsection, having regard to any applicable adaptations to this subsection made under those Regulations, for a particular reporting period of the qualifying investment plan if

        • (a) the beginning of the particular reporting period coincided with the later of the beginning of the manager’s reporting period and the day, if any, in the manager’s reporting period on which an election under subsection 55(1) of those Regulations between the manager and the qualifying investment plan becomes effective;

        • (b) the end of the particular reporting period coincided with the earlier of the end of the manager’s reporting period and the day, if any, in the manager’s reporting period on which an election under subsection 55(1) of those Regulations between the manager and the qualifying investment plan ceases to have effect;

        • (c) paragraphs 55(2)(a) and (b) of those Regulations did not apply in respect of the particular reporting period; and

        • (d) if at any time in the particular reporting period of the qualifying investment plan no election under subsection 53(1) of those Regulations is in effect between the manager and the qualifying investment plan, an amount of tax that became payable by the qualifying investment plan, or that was paid by the qualifying investment plan without having become payable, at that time is included in determining the positive or negative amount only if the amount of tax is in respect of a supply made by the manager to the qualifying investment plan.

  • Marginal note:Restriction

    (3) Despite paragraph (2)(c), a negative adjustment amount in respect of an investment plan is not to be included in determining, in accordance with that paragraph, a prescribed amount in respect of a reporting period of a manager for the purpose of the description of G in subsection 225.2(2) of the Act unless the manager has paid or credited the negative adjustment amount to the investment plan.

  • Marginal note:Form and filing of election

    (4) An election made under subsection (1) by a manager and an investment plan is to

    • (a) be made in prescribed form containing prescribed information;

    • (b) set out the first day on which the election is to be in effect; and

    • (c) be filed with the Minister in prescribed manner before that first day or any later day that the Minister may allow.

  • Marginal note:Cessation

    (5) An election made under subsection (1) by a particular person that is a manager and another person that is an investment plan ceases to have effect on the earliest of

    • (a) the day on which the particular person ceases to be the manager of the other person,

    • (b) the day on which the other person ceases to be an investment plan or a selected listed financial institution, and

    • (c) the day on which a revocation of the election becomes effective.

  • Marginal note:Revocation

    (6) If a manager and an investment plan have jointly made an election under subsection (1), the manager or the investment plan may revoke the election, effective on a particular day, by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the particular day or any later day that the Minister may allow.

  • Marginal note:Revocation — restriction

    (7) A revocation made by a person under subsection (6) of a joint election is effective only if the person notifies, before the day on which the revocation is to come into effect, the other person that made the joint election.

  • Marginal note:Joint and several liability

    (8) If an election made under subsection (1) by a manager and an investment plan is in effect at any time in a reporting period of the manager, the manager and the investment plan are jointly and severally, or solidarily, liable for the net tax for the reporting period and any interest or penalties in respect of that net tax.

  • SOR/2013-71, s. 2
 
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